Bitcoin put options have surged to account for nearly 40% of today's trading volume, according to an analysis by Greeks.live. The trading activity is concentrated on a bear put spread set to expire at the end of May, with strike prices of $75,000 and $71,000, representing a notional value of nearly $200 million. This reflects a defensive strategy as traders brace for potential market pullbacks. The market's defensive stance comes as May and June are historically weak months for cryptocurrencies. Major investors are increasingly adopting protective measures, such as buying effective protection and selling tail risk exposure, to manage potential downturns while leveraging the recent market rebound.